Russia-US trade hits historic low in July
Date
9/19/2023 8:59:55 AM
(MENAFN) Trade between Russia and the United States has reached its lowest point in July, marking a significant decline since the onset of the conflict in Ukraine, as reported by the RBK news outlet on Monday, citing data sourced from the US Census Bureau. The bureau's figures reveal that trade turnover between the two nations amounted to a mere USD277.3 million by the end of July. This amount is a stark contrast to the numbers recorded in February of last year, registering a staggering 11-fold decrease, and it is nearly 13 times less than the trade turnover observed in July 2021 when the United States held the fifth position among Russia's major trading partners. Furthermore, the July 2023 reading represents the lowest point in trade statistics since data collection began in the early 2000s.
Currently, Russian exports constitute a significant majority of the trade between the two countries, accounting for nearly 9 percent % of the total turnover. These exports primarily consist of items such as nuclear fuel, mineral fertilizers, and platinum group metals, which together contributed USD2.5 billion of the USD3 billion worth of goods that the United States imported from Russia during the first 7 months of this year. In stark contrast, US exports to Russia dwindled to a mere USD36 million by the end of July.
The sharp decline in trade between Russia and the United States underscores the ongoing geopolitical tensions and economic restrictions that have characterized their relationship in recent years. While Russian exports continue to dominate the trade dynamic, the overall volume has dwindled to historic lows. This data reflects the complex and evolving nature of international trade and diplomacy, especially when influenced by political and economic factors.
In summary, the trade relationship between Russia and the United States has hit an unprecedented low in July, marking a substantial decline since the early 2000s and particularly since the onset of the Ukraine conflict. The statistics reveal a significant trade imbalance, with Russian exports representing the bulk of trade, and US exports to Russia shrinking considerably. This situation underscores the intricate interplay of geopolitics and economics in international trade dynamics.
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